Michigan's jobless rate dropped in October

East Lansing, MI – The national jobless rate went up last month, but Michigan's unemployment rate dropped slightly in October.

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Michigan's rate dropped by two-tenths of a percentage point in October. At the same time, the national rate hit 10.2 percent. But Michigan's new jobless rate of 15.1 percent is still significant. The state has had the nation's highest jobless rate for most of the past four years.

Governor Granholm reacted cautiously to the new jobs number.

"This will be the first month where we have seen a net increase in jobs, but I don't want anyone to take anything from that because we're still going through the automotive restructuring and suppliers are still reeling," Granholm says.